We are delighted to announce we led a £15m Series A round in Wagestream, alongside our friends at Northzone. Wagestream also secured a £25m funding facility from Shawbrook.

Wagestream is an income streaming service which allows workers to access their earned income in real time.

Employees can draw down a percentage of their earned wages any day of the month for a flat £1.75 fee. There are no loans involved and therefore no interest is charged.

The company has seen rapid adoption of its platform. Over 120,000 UK employees at clients including David Lloyd, Rentokil PLC, Camden Town Brewery, Slug & Lettuce and Carluccio’s can now access wages in real time through Wagestream.

Wagestream aims to end in-work poverty and destroy the ‘Poverty Premium’, where people on low incomes pay more for essential products and services such as insurance, energy, and credit. They are supported by the Joseph Rowntree Foundation through the Fair By Design Fund, a movement committed to tackling this premium.

"We fell in love with the strong product-market fit of Wagestream. We very rarely hear such universal positive feedback from all who have tried a product. Companies used to take an active role in supporting the financial health of their users but this has slowly been eroded, to the extent where employees paid at the end of the month are effectively subsidising their employer for 29 days a month. Wagestream starts to restore the right balance."

Rob Moffat, Partner, Balderton Capital

You can read more from Rob on Wagestream and why we were so keen to support their mission to improve financial wellness on his Medium.

You can also read more about the news here:

Wagestream would be pleased to offer any company in the Balderton portfolio* access to the Wagestream platform with a discounted rate of 25% off SaaS fees.

Please contact sales@wagestream.co.uk if you are interested.

[*with over 50+ employees]

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